ECD Recognized Nationally and Grows on Development, Asset and Personnel Fronts
While 2020 presented significant challenges for many companies throughout the region, Enterprise Community Development, Inc. (ECD) was one that saw significant growth, expansion and recognition over the past year. As the largest and most progressive Black-led nonprofit housing provider in the Mid-Atlantic region, ECD posted record gains in its portfolio, added to its staff and was recognized by the leading industry resources for its work in the affordable housing market.
“While our industry was presented with many challenges, we saw this past year as an opportunity to reach new heights in developing safe and affordable communities where people have access to amenities to jobs, education, healthcare and other important resources to help them be successful in life,” said Brian McLaughlin, president of Enterprise Community Development.
ECD was included on the Top 50 Affordable Housing Developers and Top 50 Affordable Housing Owners lists from Affordable Housing Finance, marking the second year for ECD’s inclusion on the Affordable Housing Owners list and the first year on the Affordable Housing Developer list.
AHF’s Top 50 Affordable Housing Owners list ranks the companies, both for-profit and nonprofit, with the most affordable housing units as of Jan. 1, 2021. Of the 50 organizations included on the list, 12 are nonprofit and 38 are for-profit with ECD ranking sixth among the nonprofits. ECD was also included for the first time on the Top 50 Affordable Housing Developers list, which ranks companies, again both for-profit and nonprofit, by the number of units they began development on in 2020.
Also earning its debut on the National Affordable Housing Management Association
(NAHMA™) Affordable 100 list for 2021 is ECD’s property management arm, Enterprise Residential. The NAHMA Affordable 100 comprises the largest affordable multifamily property management companies, ranked by affordable unit counts and contributes vital data to the ongoing national dialogue on the future of federal funding for affordable housing. Enterprise Residential is ranked #61.
“Our inclusion on these lists speaks to the strength of ECD and our success in a competitive market despite the challenges of last year. It’s incredibly rewarding for everyone at our organization who always give so much and pour themselves into delivering best-in-class services to the 21,000+ people who call our communities home,” said McLaughlin.
ECD ended 2020 with nine affordable housing developments under construction (500 units) and 12 in pre-development throughout the Mid-Atlantic region. ECD also refinanced 10% of its 109-property portfolio, redirecting the savings into in-unit renovations for select existing properties and resident-oriented services like food distribution and transportation during the pandemic. Looking forward, ECD will celebrate the upcoming groundbreaking of Roslyn Rise in Columbia, MD, along with grand openings of Baker School in Richmond, VA, Randle Hill in Washington, D.C., and Reserve at Somerset Commons in Princess Anne, MD.
Another highlight illustrating ECD’s leading edge was its award by the State of Maryland of Low Income Housing Tax Credits (LIHTC) for projects in Montgomery and Charles Counties. In this highly competitive field, Park Montgomery and La Plata – affordable apartment developments for seniors and families – received two of the State’s allocation of tax credits.
Park Montgomery West, which will be located on the site of an existing ECD-owned 141-unit, 14-story apartment building known as Park Montgomery, will have 76 new units that will be “twinned” with a 4% LIHTC transaction that will fully rehabilitate the existing apartment building as well. ECD’s first development in Charles County and, also, the first 9% LIHTC allocation for a family community in Charles County’s history, La Plata will consist of 72 garden apartment units directly adjacent to a park and ride providing essential access to transportation that connects this location with the Greater Washington, D.C. job market.
Supporting these initiatives also required an investment in EDC’s staff that resulted in a 16% growth in its company staff size with new positions added to support the increased workload at ECD and to Enterprise Residential, the property management arm of the organization and, also, the largest property management group in the Mid-Atlantic.
“During a tough year, I am grateful to have worked alongside my 400+ colleagues who kept it all moving forward and provided the inspiration that energized me each day to successfully re-imagine affordable living across the Mid-Atlantic,” said McLaughlin.
Enterprise Community Partners is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable and connected to opportunity. As a social enterprise, we bring together the nationwide know-how, policy leadership, partners, donors and investors to multiply the impact of local affordable housing development. Over more than 35 years, Enterprise has created 662,000 homes, invested nearly $53 billion and touched millions of lives. Join us at www.EnterpriseCommunity.org.
Enterprise Community Development (ECD) specializes in high-impact residential development, property management and resident supportive services. With 60 years of collective experience, ECD was formed in January 2020 through the combination of Enterprise Homes, Inc. and Community Preservation and Development Corporation. Setting high standards for community planning, affordable housing and a curated residential experience, ECD strives to continue leading innovative solutions in the Mid-Atlantic’s housing market. The fifth-largest non-profit affordable housing provider in the country, and the largest regional provider in the Mid-Atlantic, ECD has developed more than 16,000 well-designed homes in over 100 communities across the Mid-Atlantic. ECD has offices in Baltimore, Washington, D.C. and Richmond and is part of the Enterprise family of companies. For more information, visit https://www.EnterpriseCommunity.org/financing-and-development/community-development.
